Le regole europee da cassare

BRUXELLES – Il debito pubblico greco fuori controllo sta nuovamente sconvolgendo i mercati finanziari europei. Ma come è possibile che il default di un'economia tanto piccola e marginale (la Grecia rappresenta meno del 3% del PIL dell'eurozona) abbia effetti così dirompenti?

La risposta è semplice: l'intero apparato regolatorio del sistema finanziario è stato costruito a partire dalla certezza che il debito pubblico fosse esente da rischi. Un qualunque default di uno Stato europeo infrangerebbe questa chiave di volta su cui si regge la regolamentazione finanziaria e avrebbe quindi enormi conseguenze.

Questo è particolarmente evidente per quanto riguarda il settore bancario. Le regole decise a livello internazionale stipulano infatti che le banche debbano accantonare riserve di capitale proporzionali ai rischi assunti quando investono il denaro dei risparmiatori. Tuttavia, quando le banche fanno credito ai propri governi o detengono titoli di debito propri non sono tenute a creare alcuna riserva aggiuntiva, visto che si presuppone che il debito sovrano sia esente da rischi. Dopotutto, un governo può sempre pagare nella propria moneta.

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